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Property market in all six districts of Cyprus is booming thanks to construction companies pouring large amounts of money in development of infrastructure, European Union aid and liberal increase in foreign direct investment with the result that property prices are going up and up.
The property market is one of the quickest growing in Europe. Sales investment property is the most popular option exercised by buyers. Growing tourism industry has made buy to rent investment in Cyprus property market feasible. It is simple; people spend their holidays in their apartment in Cyprus and rent it out for the period when they are living in their home country. Real estate companies often organize such arrangements.
One of the safest and friendliest destinations to buy a home in Cyprus, its legal system is similar to that of UK and offers easy ownership to foreign buyers. Therefore it is soon becoming a favored option for investment in property, working, raising a family and retirement. Vat on property transaction will become applicable in 2008 and this will certainly push up prices in real estate market.
At the moment there are numerous options ranging from apartments to villas and luxury houses to choose from. Banks make available easy loans to finance property purchase in Cyprus to foreigners in both foreign currency and Cyprus pounds. Loan is available up to 70% of the property value and can be negotiated to 80%-85%, if the construction is new. The repayment period is ranges from 15 to 20 years. A typical housing property in Cyprus gives a yield of 8%, which in net after deduction of all charges comes out to be 5% and is sufficient to cover mortgage. European Union membership has made property ownership in Cyprus easy and rental returns are going strong with better prospects in future.
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